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423 N Harvard Blvd, Los Angeles, CA 90004
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423 N Harvard Blvd Los Angeles, CA 90004

$4,600,000
  • 22 Beds
  • 19 Baths
  • 11,797 Sq.Ft.
For Sale
$4,600,000 Get Pre-Qualified
Map preview of 423 N Harvard Blvd, Los Angeles, CA 90004

Property Overview: 423 N Harvard Blvd Los Angeles, CA has 22 bedrooms, 19 bathrooms, 11,797 living square feet and 14,377 square feet lot size. Call an Ardent Real Estate Group agent to verify current availability of this home or with any questions you may have.

Agent Remarks: 423 N Harvard Blvd is a 16-unit apartment building located in the neighborhood of Oakwood. This Central Los Angeles Location is nestled between the sought-after neighborhoods of Hancock Park, Koreatown, Silverlake, and Hollywood. The building is in great condition with a new roof and has had most units upgraded with quartz countertops, wood flooring, new appliances and new AC units, commercial grade copper plumbing, and the whole building was recently retrofitted with top-of-the-line upgrades. This includes the highest-quality steel girders, reinforced rebar, high-quality institutional-level cement, custom-crafted stiffening elements, and well-constructed reinforcement materials throughout. That retrofit was fully approved by the City Inspectors and all the paperwork approving it was timely submitted and is recorded in the City’s Records. This building also has plans for (4) ADUs that will make the acquisition of the property for $4,600,000 a wise and flourishing investment. Those four ADUs have been designed by a gifted Architectural Designer, are drawn up in finalized plans, have been reviewed and approved by a licensed structural engineer, and are now in Final Plan Check with the City of Los Angeles. Information on these ADUs is on the next page of this OM. This is an incredible opportunity to take advantage of LA's need to add more housing and increase capital through building ADUs on land you already own. On top of the ADU potential, this building offers outstanding rent upside of nearly 25% w/ immediate improvement available. The location of this property is nearly unbeatable - offering easy access to trendy walkable neighborhoods such as Larchmont Village and Virgil Village. For the Savvy Real Estate Investor, this apartment building can almost immediately operate with a 5.35% return, plus a great opportunity for immediate value-add with the opportunity to add ADUs. This well-located and well-maintained building is a solid investment opportunity in the great rental market of LA!

Listed by Brett Lyon | BRE #01717818 | Lyon Stahl Investment Real Estate, Inc.
Co-listed by Woody Stahl | BRE #01399621 | Lyon Stahl Investment Real Est
Last checked: 2 minutes ago | Last updated: March 7th, 2024 | Source CRMLS | DOM: 119
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Home details

Lot Sq. Ft
14,377
HOA Dues
$0/mo
Year built
1965
Garage
--
Property Type:
Mixed Use
Status
Active
MLS#
SB23228039
City
Los Angeles
County
Los Angeles
Time on Site
129 days
Multi-Family Unit Breakdown
Unit Mix Summary
  • Total # of Units: 16
  • Total # of Buildings: 1
  • # of Electric Meters: 17
  • # of Gas Meters: 17
  • # of Water Meters: 1
Unit Breakdown 1
  • # of Units: 3
  • # of Beds: 2
  • # of Baths: 2
  • Furnishing: Unfurnished
  • Actual Rent: $2,534
  • Total Rent: $2,534
  • Pro Forma/Market Rent: $3,000
Unit Breakdown 2
  • # of Units: 3
  • # of Beds: 2
  • # of Baths: 1
  • Furnishing: Unfurnished
  • Actual Rent: $2,215
  • Total Rent: $2,215
  • Pro Forma/Market Rent: $2,950
Unit Breakdown 3
  • # of Units: 10
  • # of Beds: 1
  • # of Baths: 1
  • Furnishing: Unfurnished
  • Actual Rent: $1,624
  • Total Rent: $1,624
  • Pro Forma/Market Rent: $1,975
Multi-Family Income/Expense Information
Property Income and Analysis
  • Cap Rate: 5.21%
  • Gross Rent Multiplier: --
  • Gross Scheduled Income: $365,856
  • Net Operating Income: $246,163
  • Gross Operating Income: $354,880
  • Vacancy Allowance: $10,976
Annual Expense Breakdown
  • Total Operating Expense: $108,717
  • Electric: $0
  • Gas/Fuel: $0
  • New Taxes: $57,191
  • Trash: $0
  • Gardener: $1,200
  • Insurance: $8,258
  • Maintenance: $10,976
  • Professional Management: $18,293
  • Water/Sewer: $0
  • Other Expenses: $12,800
  • Other Expense Description: Utility

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Property Details for 423 N Harvard Blvd

Interior Features
Laundry Information
  • Has Laundry
  • Common Area
Fireplace Information
  • No Fireplace
  • None
Room Information
  • Flooring: Wood
Exterior Features
Exterior Information
  • No Spa
  • Spa Features: None
Exterior Features
  • No Pool
  • Pool Features: None
Lot Details / Garage and Parking
Parking/Garage Information
  • # of Parking Spaces: 16
Lot Information
  • Lot Features: 16-20 Units/Acre
  • Lot Size Source: Assessor
  • Common Interest: None
Property Information
  • No View
  • View: None
  • Common Walls: 2+ Common Walls
  • Total # of Units: 16
  • Parcel Number: 5521025021
  • Year Built Source: Assessor
  • Entry Level: 1
  • Property is Attached
Homeowners Association, Utilities, Taxes / Assessments
Utilities Information
  • Sewer: Public Sewer
  • Water Source: Public
Location / Neighborhood
Location Information
  • Directions: 4 Parcels south of the Intersection of Rosewood Ave and Harvard Blvd
Neighborhood Information
  • Community Features: Biking
View more facts & features

Local Los Angeles Agent

Sale History for 423 N Harvard Blvd

Last sold on October 10th, 2014

  • December, 2023

  • Dec 19, 2023

    Date

    Active

    CRMLS: SB23228039

    $4,700,000

    Price

  • August, 2023

  • Aug 16, 2023

    Date

    Canceled

    CRMLS: 23268791

    $4,700,000

    Price

  • May 10, 2023

    Date

    Active

    CRMLS: 23268791

    $4,700,000

    Price

  • Listing provided courtesy of CRMLS

    Situated in a small pocket between Silver Lake, Hancock Park, Koreatown, and Hollywood, the property sits squarely in the path of gentrification as the surrounding submarkets have each enjoyed substantial improvements over the past decade. This revitalization, and the corresponding rent growth, could soon reach Harvard Boulevard, putting the property in prime position to see increased income to the benefit on a new investor. All seismic retrofit repairs have already been completed (Buyer to verify), so a new owner can not only avoid an otherwise costly maintenance project, but can potentially collect additional income from tenants as a result. Additionally, the property will be delivered with plans for four potential ADUs, which could increase revenue by approximately $108,000 once completed, adding significant value to the property as well. Existing on-site laundry facilities also provide a supplemental revenue stream that boosts current cash flow. The current owner spared no expense in improving the common area and unit interiors, with most units being thoroughly remodeled. Upgraded units feature new quartz countertops, new stainless steel appliances, new wood flooring, new ceiling fans, newly remodeled bathrooms, and new AC units. A majority of the apartments have new copper plumbing as well, while the owner also replaced the roof in recent years. The property boasts 21 parking spaces, improving the ability to rent to tenants in this dense pocket. Tenants also enjoy convenient access to both Larchmont Village and Virgil Village, two trendy walkable neighborhoods each a short distance from the building. The immediate area also offers plenty for tenants, resulting in the property being dubbed a "Walker's Paradise" with a Walk Score of 90.

  • March, 2023

  • Mar 24, 2023

    Date

    Expired

    CRMLS: SR23032169

    $4,995,000

    Price

  • Feb 27, 2023

    Date

    Active

    CRMLS: SR23032169

    $4,995,000

    Price

  • Listing provided courtesy of CRMLS

    We are pleased to present 423 N Harvard, a 16-unit building situated near Western and Beverly Blvd, bordering Hollywood and Koreatown. Built in 1965, the building consists of three 2 bedroom/2 bath units, three 2 bedroom/1 bath units, and ten 1 bedroom/1 bath units. Seismic Retrofit was completed in 2021. Cost recovery for the seismic retrofit will add an additional $400 in monthly rental income. Purchase price includes completed plans for the construction of four 1 bedroom/ 1 bath ADU's. The ADUs could enhance the rental income from $337,433 to $450,857. See pages 23-27 for ADU estimate and drawings. 10 of the 16 units have been expertly renovated in the last six years with various upgrades such as new appliances, quartz kitchen and bathroom countertops, porcelain tiles, and new windows. Each unit is separately metered for gas and electric and each unit has individual or tandem carport parking. The subject is centrally located to endless dining, entertainment, hotels, and a short distance from the World Famous Hollywood Walk of Fame, Paramount Studios, Netflix, Larchmont, and Hollywood Bowl. The ease of access to Hollywood, Downtown LA, and other hubs of Los Angeles is incomparable!

  • February, 2023

  • Feb 27, 2023

    Date

    Expired

    CRMLS: SR22254642

    $4,995,000

    Price

  • Dec 12, 2022

    Date

    Active

    CRMLS: SR22254642

    $5,500,000

    Price

  • Listing provided courtesy of CRMLS

    RELISTED WITH SAME AGENT. DO NOT CONTACT OWNER. We are pleased to present 423 N Harvard, a 16-unit building situated near Western and Beverly Blvd, bordering Hollywood and Koreatown. Purchase price includes completed plans for the construction of four 1 bedroom/ 1 bath ADU's. The ADUs could enhance the rental income from $327,780 to $441,204. With the construction of the ADUs, the cap rate will be 5.9% and GRM will be 11.3. See pages 23-27 for ADU estimate and drawings. Current building was built in 1965, the building consists of three 2 bedroom/2 bath units, three 2 bedroom/1 bath units, and ten 1 bedroom/1 bath units. 10 of the 16 units have been expertly renovated in the last six years with various upgrades such as new appliances, quartz kitchen and bathroom countertops, porcelain tiles, and new windows. Each unit is separately metered for gas and electric and each unit has individual or tandem carport parking. The building also underwent a seismic retrofit in 2021. The subject is centrally located to endless dining, entertainment, hotels, and a short distance from the World Famous Hollywood Walk of Fame, Paramount Studios, Netflix, Larchmont, and Hollywood Bowl. The ease of access to Hollywood, Downtown LA, and other hubs of Los Angeles is incomparable!

  • October, 2014

  • Oct 10, 2014

    Date

    Sold (Public Records)

    Public Records

    --

    Price

  • December, 2002

  • Dec 13, 2002

    Date

    Sold (Public Records)

    Public Records

    $1,089,000

    Price

Show More

Tax History for 423 N Harvard Blvd

Assessed Value (2020): $1,442,703
Year Land Value Improved Value Assessed Value
2020 $860,803 $581,900 $1,442,703

Home Value Compared to the Market

This property vs the competition

423 N Harvard Blvd is listed 268.29% higher than the median list price for the city of Los Angeles which has a median list price of $1,249,000. The median price per/sqft for Los Angeles is $772 and this home is listed at $389.93 per/sqft which puts the price per square foot 49.49% lower than the median price per square foot for the city of Los Angeles.

About 423 N Harvard Blvd

Detailed summary of property

423 N Harvard Blvd is a mixed use located in Los Angeles, CA 90004 and is currently for sale. This mixed use property offers 22 bedrooms, 19 bathrooms, roughly 11,797 living square feet, and sits on an approximately 14,377 square foot lot. 423 N Harvard Blvd was first listed on ArdentRealEstateGroup.com on December 20, 2023. The homeowner is currently asking $4,600,000 and was originally asking $4,700,000. The median priced home in Los Angeles is $1,249,000 with a median price per square foot of $772. Based on Ardent Real Estate Group's Los Angeles Market Data, this home is listed 268.29% higher than the median priced home. Local competing homes currently for sale include 1050 Gaviota Ave, 945 E Route 66 and 527 N Anna Dr. While the average home in Los Angeles, CA is selling in 97 days, 423 N Harvard Blvd has a days on market of 119 days. There are currently 3429 homes for sale in the Los Angeles real estate market and 2324 of them are single family homes while 1008 of them are condos and 91 are townhomes. For more information on this home for sale at 423 N Harvard Blvd Los Angeles, CA 90004 contact Ardent Real Estate Group and we will put you in touch with one of our Los Angeles agents.

Public Facts for 423 N Harvard Blvd

Public county record property details
Beds
20
Baths
20
Year built
1965
Sq. Ft.
11,797
Lot Size
14,372
Stories
--
Type
Apartment House (5+ Units)
Pool
No
Spa
No
County
Los Angeles
Lot#
13,14
APN
5521-025-021

The source for these homes facts are from public records.

90004 Real Estate Sale History (Last 30 days)

Last 30 days of sale history and trends
Median List Price
$1,388,000
Median List Price/Sq.Ft.
$815
Median Sold Price
$1,163,014
Median Sold Price/Sq.Ft.
$789
Total Inventory
66
Median Sale to List Price %
93.04%
Avg Days on Market
39
Loan Type
Conventional (27.27%), FHA (0%), VA (0%), Cash (9.09%), Other (9.09%)

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Based on information from California Regional Multiple Listing Service, Inc. as of 2019. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.

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